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Extension in date of Sea Cargo Manifest and Transhipment Regulations, 2018

October 31, 2019 1017 Views 0 comment Print

In the Sea Cargo Manifest and Transhipment Regulations, 2018, in regulation 15, in sub-regulation (2), for the figures, letters and word 1st November, 2019, the figures, letters and word 16th February, 2020 shall be substituted

Import, trading & re-export of rough diamonds by notified entities

October 31, 2019 1671 Views 0 comment Print

Representations have been received from the Gems and Jewellery Export Promotion Council for setting up a Special Notified Zone at Surat in lines with the Special Notified Zone at Bharat Diamond Bourse, Mumbai permitted vide Circular No. 17/2015 dated 26.05.2015. It has been submitted that Surat is the hub for diamond cutting and polishing industry dealing mostly in small gem stones.

Disclosure of divergence in Asset Classification and NPA Provisioning

October 31, 2019 1158 Views 0 comment Print

In consultation with RBI, it has been decided that the listed banks shall make disclosures of divergences and provisioning beyond specified threshold, as mentioned in aforesaid RBI notifications, as soon as reasonably possible and not later than 24 hours upon receipt of the Reserve Bank’s Final Risk Assessment Report (‘RAR’), rather than waiting to publish them as part of annual financial statements. The disclosures are to be made in either or both of the following cases:

No concession GST Rate benefit on Business purpose work of Government Entities

October 31, 2019 630 Views 0 comment Print

In re GVS Projects Private Limited (GST AAR Andhra Pradesh) 1. Whether APSPDCL & APEPDCL is a Government authority/ Government Entity or not? The Applicant Contractees i.e. APSPDCL and AEPDCL are Government Companies i.e. wholly owned by the Government of Andhra Pradesh. When a copy of Audited Annual Accounts of M/s APSPDCL and APEPDCL are […]

GST ITC on purchase & fabrication of motor vehicles, used for carrying cash & bullions

October 31, 2019 2757 Views 0 comment Print

AAAR hold that Input Tax Credit against the GST paid on the purchase, and fabrication of the motor vehicles, used for carrying cash and bullions, is available to Appellant.

Refund of drawback of Duty paid on inputs also allowed on All Industry Rate

October 31, 2019 1092 Views 0 comment Print

Rate of Drawback- Normally, drawback may be allowed as per All Industry Rate fixed by DoR in the Drawback Schedule where no CENVAT credit has been availed by supplier of goods. However, an application in ANF- 7A, along with documents prescribed in ANF-7A & Appendix-7E, may be made to RA or DC concerned, as the case may be, for fixation of brand rate where All Industry Rate of Drawback is not available or same is less than 4/5th of duties actually paid on raw materials or components used in the production or manufacture of the said goods.

All transactions in penny stocks cannot be regarded as bogus for SCAM in some penny stocks

October 31, 2019 4671 Views 0 comment Print

Shri Vijayrattan Balkrishan Mittal Vs DCIT (ITAT Mumbai) The issue for consideration before us is whether in such cases, the legal evidence produced by the assessee has to guide our decision in the matter or the general observations based on statements, probabilities, human behavior and discovery of the modus operandi adopted in earning alleged bogus […]

AO justified in sending notice at address mentioned in PAN database

October 31, 2019 4452 Views 0 comment Print

Mere mentioning of the new address in the return of income without specifically intimating the Assessing Officer with respect to change of address and without getting the PAN database changed, is not enough and sufficient.

ROC Jammu-Jurisdiction of Adjudication of Penalties-UT of J&K & Ladakh

October 30, 2019 582 Views 0 comment Print

Registrar of Companies-cum‑ Official Liquidator, Jammu have Jurisdiction for Adjudication of Penalties under Companies (Adjudication of Penalties) Rules, 2014, over Union territory of Jammu and Kashmir and Union territory of Ladakh. Ministry of Corporate Affairs Notification New Delhi, the 30th October, 2019 S.O. 3956(E)._ In exercise of the powers conferred by section 454 of the […]

IRDAI (Insurance Intermediaries) (Amendment) Regulations, 2019

October 30, 2019 4983 Views 0 comment Print

These Regulations may be called the Insurance Regulatory and Development Authority of India (Insurance Intermediaries) (Amendment) Regulations, 2019.

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